Bhavish Aggarwal led Ola Electric Mobility shares saw a sharp slump in early trading today (January 8), dropping by as much as 4%.The recent dip in the stock prices of the company was triggered by the Karnataka High Court’s decision to deny the company relief in an ongoing investigation by the Central Consumer Protection Authority (CCPA). Adding to the company’s woes, the market regulator, SEBI also flagged a compliance lapse, citing a delay in disclosing key information about Ola Electric’s store expansion plans. CEO Bhavish Aggarwal had taken to social network to announce the plans before alerting exchanges.
The electric scooter maker’s stock opened at Rs 77.09 on the BSE on January 8, a sharp decline from its previous close of Rs 79.16. Similarly, on the NSE, the stock opened at Rs 77.00. Within the first few minutes of trading, Ola Electric shares hit a low of Rs 75.20. As of 09:51 AM IST, the stock was trading at Rs 75.92 on the BSE, down 4.09%, and at Rs 75.78 on the NSE, a 4.27% drop.
Ola Electric share performance since listing
Ola Electric’s stock has been on a rollercoaster ride since its debut on the Indian bourses on August 9, 2024. The stock opened flat on its listing day, trading at par with its issue price of Rs 76 on the NSE and slightly lower on the BSE at Rs 75.99.
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The company’s stock over the recent months has seen a sharp decline. In the past six months, the stock has dropped by 17.18%, currently trading at Rs 75.53. In addition, if we look at Ola Electric’s past five days performance, the stock has fallen by 13.98%.
In the weeks following the listing, Ola Electric’s stock had surged to a high of Rs 157.53 on August 20 before a downward spiral. It hit a 52-week low at Rs 66.66 on November 22, 2024. The market capitalisation of the company as of the current update stands at Rs 22,584 crore.
Ola Electric faces legal setback and SEBI warning
The latest dip in Ola Electric’s stock comes after the Karnataka High Court refused to quash a notice issued by the CCPA.
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